Assets in problem credit unions decreased by $700 million in February to $47.6 billion. NCUA estimates that 5.38 percent of all credit union assets are in CAMEL 4 and 5 credit unions.
Additionally, the percentage of insured shares (deposits) in problem credit unions declined by 10 basis points in February to 5.72 percent. NCUA reported that problem credit unions held $41.6 billion in shares.
NCUA is reporting that as of February 2010, there were 9 credit unions with over $1 billion in assets on the problem list with $15.6 billion in shares. Eleven credit unions holding $500 million to $1 billion in assets were on the problem list. For credit unions between $100 million and $500 milion in assets, there were 57 credit unions on the problem list.
The following two graphs shows the change in the distribution of assets and shares by CAMEL codes over the last 5 years and the first two months of 2010.
NCUA reported that 6 credit unions have failed during the first two months of 2010.
And banks are up to 31:
ReplyDeleteWASHINGTON (AP) — Regulators have shut down a small bank in Ohio, boosting to 31 the number of bank failures in the U.S. so far this year.
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In addition, the FDIC and National Bank and Trust agreed to share losses on $49.8 million of American National Bank's loans and other assets.
Just in case you were having trouble keeping track.
to anonymous above...
ReplyDeletevery easy to count bank failures because the fdic not only is aggressivvely dealing with their problems, but theyre very public with the resolutions AND the cost of the resolutions.
NCUA, by comparison, has more cus it SHOULD HAVE SHUT DOWN, but hasnt as it looks to break the all time record for forbearance.
the 2 agencies are executing both their plans to near perfection. the difference is that, their plans have different goals.
FDIC? Admit the problem and deal with it as aggressively as possible.
NCUA? Denial and and delay. Hope for a better day.
Yes, its easy to keep track of the FDIC score.
Meanwhile, CUs cant even get in the ballpark to calculate their ultimate cost and Deloitte wont sign off on NCUA 2008 (yes 08) financials.
Another way of looking at it is...the FDIC does what it does because it has the taxpayers' money to fall back upon. The NCUA does what it does because it requires the other federally insured credit unions to pay for the costs involved with the failure.
ReplyDeleteAnonymous:
ReplyDeleteBoth NCUSIF and FDIC have the full faith and credit of the Federal government. The taxpayer stands as a backstop to both insurance funds. Just like credit unions, banks also pay for the costs involved with the failures.
Does anyone have a list of these troubled credit unions?
ReplyDeletetorrington muncipal and teachers federal credit union is failing
ReplyDelete